Truist Financial Issues Pessimistic Forecast for Amgen (NASDAQ:AMGN) Stock Price

Amgen (NASDAQ:AMGN) had its price objective dropped by equities research analysts at Truist Financial from $333.00 to $298.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “hold” rating on the medical research company’s stock. Truist Financial’s price target would indicate a potential upside of 13.71% from the stock’s current price.

Several other analysts also recently issued reports on the company. StockNews.com downgraded Amgen from a “strong-buy” rating to a “buy” rating in a report on Wednesday, December 18th. Jefferies Financial Group restated a “buy” rating and issued a $380.00 price target on shares of Amgen in a research report on Tuesday, November 12th. Sanford C. Bernstein assumed coverage on shares of Amgen in a research report on Thursday, October 17th. They set an “outperform” rating and a $380.00 price objective on the stock. Deutsche Bank Aktiengesellschaft cut their target price on shares of Amgen from $305.00 to $285.00 in a research note on Wednesday, November 27th. Finally, Piper Sandler Companies reaffirmed an “overweight” rating and issued a $310.00 target price on shares of Amgen in a research report on Thursday, January 2nd. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $317.30.

Amgen Stock Up 1.3 %

NASDAQ AMGN opened at $262.06 on Wednesday. Amgen has a 12 month low of $253.30 and a 12 month high of $346.85. The company has a market capitalization of $140.87 billion, a P/E ratio of 33.55, a PEG ratio of 2.91 and a beta of 0.56. The company’s 50 day simple moving average is $282.38 and its 200 day simple moving average is $309.78. The company has a debt-to-equity ratio of 7.55, a current ratio of 1.32 and a quick ratio of 0.96.

Amgen (NASDAQ:AMGN) last announced its quarterly earnings data on Wednesday, October 30th. The medical research company reported $5.58 EPS for the quarter, beating analysts’ consensus estimates of $5.11 by $0.47. The company had revenue of $8.50 billion during the quarter, compared to the consensus estimate of $8.50 billion. Amgen had a return on equity of 168.35% and a net margin of 13.00%. The company’s quarterly revenue was up 23.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $4.96 EPS. Equities research analysts expect that Amgen will post 19.53 earnings per share for the current fiscal year.

Institutional Trading of Amgen

Institutional investors and hedge funds have recently modified their holdings of the company. State Street Corp lifted its position in Amgen by 1.2% during the 3rd quarter. State Street Corp now owns 29,317,018 shares of the medical research company’s stock worth $9,446,236,000 after acquiring an additional 345,537 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Amgen by 0.9% in the third quarter. Geode Capital Management LLC now owns 12,122,889 shares of the medical research company’s stock worth $3,893,771,000 after purchasing an additional 103,851 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of Amgen by 2.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 10,532,629 shares of the medical research company’s stock worth $3,393,718,000 after purchasing an additional 251,876 shares during the last quarter. Janus Henderson Group PLC boosted its stake in Amgen by 11.7% during the 3rd quarter. Janus Henderson Group PLC now owns 5,143,330 shares of the medical research company’s stock valued at $1,657,183,000 after purchasing an additional 538,545 shares during the period. Finally, Pathway Financial Advisers LLC grew its holdings in Amgen by 33,125.4% in the 3rd quarter. Pathway Financial Advisers LLC now owns 4,460,181 shares of the medical research company’s stock valued at $1,437,115,000 after buying an additional 4,446,757 shares during the last quarter. 76.50% of the stock is currently owned by institutional investors and hedge funds.

Amgen Company Profile

Amgen Inc discovers, develops, manufactures, and delivers human therapeutics worldwide. The company's principal products include Enbrel to treat plaque psoriasis, rheumatoid arthritis, and psoriatic arthritis; Otezla for the treatment of adult patients with plaque psoriasis, psoriatic arthritis, and oral ulcers associated with Behçet's disease; Prolia to treat postmenopausal women with osteoporosis; XGEVA for skeletal-related events prevention; Repatha, which reduces the risks of myocardial infarction, stroke, and coronary revascularization; Nplate for the treatment of patients with immune thrombocytopenia; KYPROLIS to treat patients with relapsed or refractory multiple myeloma; Aranesp to treat a lower-than-normal number of red blood cells and anemia; EVENITY for the treatment of osteoporosis in postmenopausal for men and women; Vectibix to treat patients with wild-type RAS metastatic colorectal cancer; BLINCYTO for the treatment of patients with acute lymphoblastic leukemia; TEPEZZA to treat thyroid eye disease; and KRYSTEXXA for the treatment of chronic refractory gout.